topic $7500 versus $8000 credit in Mortgage Loans

$7500 versus $8000 credit

Anonymous — Mon, 16 Mar 2009 17:17:51 GMT

I closed on my house in January and claimed the $7,500 credit/rebate (whatever it is) which has to be repaid, on my tax returns that I filed. Then along comes the $8000 credit which does not have to be repaid.

Can I amend my tax return and take advantage of the "gift" vs. the "loan"? Any help is appreciated.

Re: $7500 versus $8000 credit

Anonymous — Mon, 16 Mar 2009 17:29:10 GMT

I don't think you can, but your best bet would be to contact the IRS or a CPA.

Re: $7500 versus $8000 credit

Anonymous — Mon, 16 Mar 2009 17:39:33 GMT

Has anyone else been in this situation that can comment?

Re: $7500 versus $8000 credit

Anonymous — Mon, 16 Mar 2009 19:33:17 GMT

I don't see any reason why you couldn't.

People who have already filed for 2008 and buy a house now can amend their taxes to take the credit for 2008. You should be able to "correct" yours to get the better credit.

Re: $7500 versus $8000 credit

Anonymous — Mon, 16 Mar 2009 22:13:05 GMT

Ok, I googled "new tax credit for first time homebuyers" and I found one source that says you can do so.

In order to do so, you should let a tax professional do the amended return to make certain it is done right.

I've read/talked to other sources that says no.

Re: $7500 versus $8000 credit

Anonymous — Mon, 16 Mar 2009 22:52:05 GMT

Thanks sidewinder. I found the correct answer after much research. Since I closed in 2009, I can claim the credit, instead of the interest free loan. This is a big deal since the $7500 loan goes away completely, plus I get an extra $500. I will have to file an amended tax return which corrects the $7500 into the new category which Congress passed-- the credit.

Not saying I agree with all this stimulus stuff, but if it's available I'm taking it.

Re: $7500 versus $8000 credit

Anonymous — Tue, 17 Mar 2009 18:34:09 GMT

Yes, you can amend your returns and take advantage of the better credit. I filed my taxes a couple of weeks ago, and at that time (not sure if this has changed yet) the IRS wasn't able to e-file for the $8,000 credit. My tax preparer told me I could e-file for the $7,500 credit then amend when my return arrived.